. We'll translate each paragraph.
Let's translate paragraph by paragraph.
First paragraph: "The US 10-year Treasury yield is expected to climb above 5% this year, a move that would raise borrowing costs across the economy and put new pressure on growth, housing, and corporate balance sheets. The forecast, based on current market expectations, signals that the era of cheap money is firmly over."
Translation: "Hasil Perbendaharaan AS 10 tahun dijangka meningkat melebihi 5% tahun ini, satu langkah yang akan menaikkan kos pinjaman di seluruh ekonomi dan memberi tekanan baharu ke atas pertumbuhan, perumahan, dan kunci kira-kira korporat. Ramalan itu, berdasarkan jangkaan pasaran semasa, menandakan bahawa era wang murah sudah berakhir dengan kukuh."
But "climb above" - we can say "meningkat melebihi". "put new pressure" - "memberi tekanan baharu". "balance sheets" - "kunci kira-kira" or "penyata kewangan"? In Malay, "balance sheet" is "kunci kira-kira" (common in accounting). But "corporate balance sheets" - "kunci kira-kira korporat". Alternatively, "penyata kunci kira-kira". I'll use "kunci kira-kira korporat".
"era of cheap money" - "era wang murah" is fine.
Next heading: "The 5% threshold" - "Ambang 5%" or "Tahap 5%". "threshold" can be "ambang". So "
Ambang 5%
"
Paragraph: "Crossing 5% is more than a psychological marker. The 10-year yield serves as a benchmark for mortgages, corporate bonds, and other long-term loans. When it rises, so does the cost of financing everything from a new home to a factory expansion. A sustained move above 5% would mean the government, businesses, and consumers all pay more to borrow."
Translation: "Melintasi 5% bukan sekadar penanda psikologi. Hasil 10 tahun berfungsi sebagai penanda aras untuk pinjaman perumahan, bon korporat, dan pinjaman jangka panjang lain. Apabila ia meningkat, begitu juga kos pembiayaan untuk segala-galanya daripada rumah baharu hingga pengembangan kilang. Pergerakan yang berterusan melebihi 5% bermakna kerajaan, perniagaan, dan pengguna semua membayar lebih untuk meminjam."
We can say "pinjaman perumahan" for mortgages, "bon korporat" for corporate bonds. "benchmark" is "penanda aras". "sustained move" - "pergerakan yang berterusan" or "pergerakan berpanjangan".
Next paragraph: "That dynamic is already showing up in the housing market. Higher yields push mortgage rates up, which can cool demand and slow price growth. For companies, the impact is more indirect but just as real. Higher discount rates reduce the present value of future earnings, which can drag on stock valuations and make it harder for firms to justify big investments."
Translation: "Dinamik itu sudah mula kelihatan dalam pasaran perumahan. Hasil yang lebih tinggi menolak kadar pinjaman perumahan meningkat, yang boleh menyejukkan permintaan dan memperlahankan pertumbuhan harga. Bagi syarikat, impaknya lebih tidak langsung tetapi sama real. Kadar diskaun yang lebih tinggi mengurangkan nilai semasa pendapatan masa depan, yang boleh menjejaskan penilaian saham dan menyukarkan syarikat untuk mewajarkan pelaburan besar."
We need to use "kadar diskaun" for discount rate. "present value" - "nilai semasa". "drag on valuations" - "menjejaskan penilaian" or "memberi kesan negatif kepada penilaian". I'll use "menjejaskan penilaian saham" but it says "stock valuations" - so "penilaian saham". Actually it says "drag on stock valuations" so we can say "menyusutkan penilaian saham" or "memberi tekanan kepada penilaian saham". I'll use "menjejaskan penilaian saham".
Next heading: "Borrowing costs and economic growth" - "Kos pinjaman dan pertumbuhan ekonomi"
Paragraph: "The strain on growth is the biggest concern. When borrowing costs rise, households have less to spend, businesses pull back on hiring and capital spending, and the overall economy slows. The effect is not immediate, but it compounds over time. If the yield stays above 5% for long, the drag on GDP could become noticeable."
Translation: "Tekanan terhadap pertumbuhan adalah kebimbangan terbesar. Apabila kos pinjaman meningkat, isi rumah mempunyai kurang untuk dibelanjakan, perniagaan mengurangkan pengambilan pekerja dan perbelanjaan modal, dan ekonomi keseluruhan menjadi perlahan. Kesannya tidak serta-merta, tetapi ia berkumpul dari masa ke masa. Jika hasil kekal melebihi 5% untuk masa yang lama, kesan negatif terhadap KDNK boleh menjadi ketara."
"pull back on hiring" - "menarik balik pengambilan" but better "mengurangkan pengambilan pekerja". "compounds" - "berkumpul" or "bertambah" but "compounds" means "bertambah secara kumulatif" - we can say "ia bertambah dari masa ke masa" but "compounds" implies it builds up. I'll say "ia berkumpul" but that might be literal. Better: "ia berlarutan dan memberi kesan yang semakin besar" but let's keep simple: "ia bertambah dari masa ke masa" but that's not exactly. Actually "compounds" means "terakru" or "berganda". I'll say "ia berkumpul dan memberi kesan yang semakin besar dari masa ke masa" but that's a bit long. Let's do: "Kesannya tidak serta-merta, tetapi ia berakru dari masa ke masa." Or "ia bertambah kumulatif". I'll use "ia berakru dari masa ke masa" but "berakru" is not common. Maybe "ia bertambah dari masa ke masa" is acceptable. But we want natural. Let's say "ia memberi kesan kumulatif" - but that's not a verb. Actually "compounds" as verb: "it compounds over time" - we can say "ia menjadi lebih besar dari masa ke masa" or "ia bertambah beransur-ansur". I'll go with "ia bertambah dari masa ke masa" but that's not exactly. Alternatively, "kesannya tidak serta-merta, tetapi ia terkumpul dan semakin kuat dari masa ke masa." Let's use "ia berkumpul dan semakin kuat dari masa ke masa."
But to keep it concise, I'll say "kesannya tidak serta-merta, tetapi ia bertambah dari masa ke masa." That's fine.
"GDP" - we can say "KDNK" (Keluaran Dalam Negara Kasar) but in Malaysia, they often use "GDP" as well. But since we are translating to Malay, we should use "KDNK" but sometimes "GDP" is acceptable. Let's use "KD
